WARSAW -- The fate of Elektrim SA, once Poland's flagship conglomerate, hinges on the outcome of a dispute with Deutsche Telekom AG that could give the German telecommunications giant control of a prized Elektrim asset.

Elektrim and its partner Vivendi Universal SA of France together own 51% of Polska Telefonia Cyfrowa, or PTC, a wireless operator valued at about $2.5 billion (2.8 billion euros). Deutsche Telekom, which controls the other 49%, argues that it should be allowed to buy a bigger stake. It petitioned a Vienna...